It was another rough day in wheat and corn on Wednesday. New-crop contracts of corn and all three U.S. wheats finished lower again Wednesday as noncommercials continue to respond to news that Russia is offering to allow grain exports to leave Ukraine in return for an easing of sanctions. July soybeans were up 7 cents with light support from soybean oil and another jump in fuel prices. Overall, it was another rough day as we started the month of June and the trade is very nervous about air under the wheat and corn markets potentially. We also saw cattle and hogs move sharply higher on the session Wednesday.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Mike Zuzolo of Global Commodity Analytics and Jesse Allen on today’s Market Talk below:
https://open.spotify.com/episode/1zBTdLXlLsWQQMnbVNeH5p?si=91JGEDVRS2qZp4_LlefLLg
